What will happen to home values this year?

Will Home Values Appreciate or Depreciate in 2020?

As the housing market has staggered to some degree by the health crisis the country is currently facing, some potential purchasers are questioning whether home values will be impacted. The price of any item is determined by supply as well as the market’s demand for that item.

Each month the National Association of Realtors (NAR) surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for the REALTORS Confidence Index.

Their latest edition sheds some light on the relationship between seller traffic (supply) and buyer traffic (demand) during this pandemic.

Buyer Demand

The map below was created after asking the question: “How would you rate buyer traffic in your area?”The darker the blue, the stronger the demand for homes is in that area. The survey shows that in 34 of the 50 U.S. states, buyer demand is now ‘strong’ and 16 of the 50 states have a ‘stable’ demand.

Seller Supply

The index also asks: “How would you rate seller traffic in your area?”As the map above indicates, 46 states and Washington, D.C. reported ‘weak’ seller traffic, 3 states reported ‘stable’ seller traffic, and 1 state reported ‘strong’ seller traffic. This means there are far fewer homes on the market than what is needed to satisfy the needs of buyers looking for homes right now.

With demand still stronger than supply, home values should not depreciate.

“Two forces prevent a collapse in house prices. First, as we indicated in our earlier research report, U.S. housing markets face a large supply deficit. Second, population growth and pent up household formations provide a tailwind to housing demand.”

Bottom Line

Looking at these maps and listening to the experts, it seems that prices will remain stable throughout 2020. If you’re thinking about listing your home, let’s connect to discuss how you can capitalize on the somewhat surprising demand in the market now.

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Testimonials

There are realtors, and then there is Greg. When my wife and I were home searching we called upon Greg to help us find the perfect home. Greg went out of his way on a hot July day to show us a home on a Saturday afternoon. After spending a lengthy amount of time with us, Greg had a hunch this was the house for us. Later that evening, Greg called us to check in; indeed, we were interested. What amazed me most was that Greg was willing to write an offer with us at 9:30PM. Right before he called, w…

Jason Davies

I would give him 6 stars in Negotiating and process expertise if I could. He is a absolute ROCK STAR realtor. Responded to my initial email in under 4 minutes,
Suggested I offer 20% less then the number I had in my head, with them paying closing costs and they accepted…. saved me a bunch of money without switching to Gecko. Smoothed the process and explained everything in detail to calm my first time buyer jitters.
Having contacted several realtors before him about various properties in de…

Daniel Cuming

Greg helped me purchase my home in Seymour WI. He sat down with me and talked about what I was truly looking for in a home. I felt like he actually listened to me and then provided me with homes that were a perfect fit. Once we found the home I liked he helped me understand what homes similiar to my home were worth. We negotiated a fair price and the process was very simple. Greg was great work with

Kris Levanetz

When we found our dream house we were very worried about how long it would take to sell our existing home. Noone wants to have two mortgages for long! Our property was very unique in its zoning and location, so we knew it would be difficult to sell. We interviewed several local realtors, and Greg was the only one who really had a feel for what kind of buyer would be a good fit for our property. We signed with him on a Thursday, and within 24 hours, BEFORE the property was even listed, he had an …

Deena Perleberg

After working with Greg for a few years, we entrusted him with the sale of our home. Greg was very patient, understanding of our needs and wants and went above and beyond. The marketing strategies, including the amazing pictures and video were bar none superior to any in the area. The expertise Greg and his team puts into each transaction is remarkable. When our home was listed, the sign was placed and the pictures and video were taken on Tuesday and by Friday am (before the home hit the MLS and…

Laura Spiering

Greg was a legend. He does not pull any punches and what he says he will do for you, he does. There is no fluff. If you walk into a house and don’t like it right away you can leave right then. Greg doesn’t make you feel like you wasted his time. The process was smooth, the signing was easy. You can sign the offer right over the computer if that is what you want to do, in your PJs with a glass of scotch in your left hand. It was that easy. He truly does have YOUR best interest at heart, not his. …

Jeremy Stanly

This is the second time that we’ve worked with Greg and both experiences have been incredibly positive. His expertise in his industry is second to none. We put Greg in a tough spot on the sale of our home and he was nothing but professional and understanding given the circumstances.
Greg is ahead of the curve for this area and really gets what motivates today’s generation of buyers and sellers. His track record speaks for itself. If you want to get your house sold Greg is the guy you want to …

Mike Frey

Greg helped me buy my property and did an excellent job communicating with me. When it came time to negotiate the price he was thorough and diligent in his research and helped us save over $19,000. I call him the $19,000 Man. I would highly recommend him.

Sue Mershon

Greg helped us purchase land. We spent several months looking at everything available and could not decide on the right place. The specific area we wanted to buy in did not have a lot of land for sale. Greg knocked on a local land owners door to find out if he would be willing to sell and negotiated a great deal for us. We were so happy with the level of service and his willingness to go the extra mile.

Patricia Glover

Greg was recommended to me by two different friends. They both said that Greg was not a high pressure sales guy, but someone who was genuinely interested in helping us to find the right home. My friends were right on the mark. When we met, Greg talked about how he works — he would show us anything that we wanted to look at. If something wasn’t right or if we knew right away that we weren’t interested, we would leave. He never pressured us during the buying process. When it came time for the clos…

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Information received from other third parties: All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change, or withdrawal. Neither listing broker nor Dallaire Realty nor RANW MLS shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless. Data last updated: 2020-06-07T00:28:51.387.
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